Brent oil may retest a resistance at $96.11 per barrel, with a good chance of breaking above this level and rising towards $96.72-$97.33 range.

The uptrend from the Oct. 18 low of $87.52 consists of five waves.

The wave e is unfolding towards $97.33, which is pointed by a rising channel.

These waves make up a bigger wave C, which is very unlikely to travel far above $97.33, as the wave e is expected to complete around $97.33.

A projection analysis on the wave C marks a strong resistance at $97.29, which almost coincides with $97.33.

Support is at $94.90, a break below which could open the way towards $93.45-$94.15 range.

Brent oil may drop into $93.91-$94.62 range

On the daily chart, oil still hovers above a rising trendline.

Most likely, it could extend gains towards $99.51.

This reading is consistent with that of the hourly chart.

Despite a possible gain, the risk of a sudden drop below $92.09 still exists, as market looks under a consolidation mode.

The downtrend may resume soon.